Lakes Mall sale creates hope for revitalization

Lakes Mall in Lauderdale Lakes, a shopping center that prosperity left behind in the 1990s, has changed ownership, raising city officials' hopes the site will be refurbished.

UrbanAmerica LP, its former owner, announced Friday that it sold the mall at State Road 7 and Oakland Park Boulevard for $9.4 million. UrbanAmerica identified RMS Properties as the new owner, describing it as an investor with assets in South Florida.

"A new owner means there's going to be a significant investment in the property," City Commissioner Eric Haynes said. "I don't think someone would buy a new property and not invest in it."

Officials say the city has a big stake in seeing the mall succeed. It is in a commercial area marked for redevelopment at the city's largest intersection, nicknamed "The Four Corners."

"Those four corners are the most important corners in Broward County, from my perspective," Haynes said. "That's where Sports Authority and Office Depot were born."

In 1986 and 1987, Lakes Mall became the site of the first stores for what later became the national chains. But the mall, which opened in the 1970s, lost dozens of stores over the years, and Sports Authority moved in 1993. Part of the mall was demolished two years later. A Starbucks shop in the mall's parking lot lasted seven years, closing in September.

A Ross Dress for Less store is supposed to open, but no date has been set. It will join the remaining businesses there, including Office Depot, Anna's Linens and Florida Career College.

UrbanAmerica, which bought the declining mall in 2000, recently agreed to spend more than $550,000 in facade improvements in exchange for the city dropping a $500,000 lien from years of landscaping and paving violations.

Richmond McCoy, chief executive of UrbanAmerica, defended his company's management. The company teamed with the city "to create the maximum amount of development and job creation," McCoy said Friday.

He said RMS Properties would carry out the mall upgrades.

Juan Ortega can be reached

at jcortega@sunsentinel.com

or 954-356-4701.

INFORMATIONAL BOX:

Price points

$9.4 million

Amount that RMS Properties agreed to pay for the mall, according to the former owner

$550,000

Improvements the former owner agreed to make if the city dropped a $500,000 lien